Intellect Global Transaction Banking (iGTB), the transaction banking arm of Indian fintech Intellect Design Arena, has announced its Intellect Trade Finance application has been awarded the SWIFT Compatible Application Trade Finance Label for 2021.

The application is designed to satisfy and support the complete processing and reporting needs for letters of credit (L/Cs) collections, guarantees and reimbursements.

Digital transformation and sustainability

SWIFT vendor applications such as iGBT's must adhere to the network validated rules for L/Cs, collections guarantees and reimbursements.

This is the third consecutive year that iGTB's application has been awarded this label, which indicates its ability to align with complex and evolving SWIFT Standards while embracing both digital transformation and sustainability, which includes the need now for product track and trace.

Total automation

iGTB says its application has been fully updated with all of the changes required to enable a client bank to remain SWIFT-compliant.

It is designed to automate every step of the trade finance business, with integrated workflow management, service level management and electronic document management processing.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.